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Mortgage Market Index
A barometer of upcoming originations, the Mortgage Market Index includes data on jumbo, FHA and refinance activity.
www.openclose.com

PRESS RELEASE

Weekly Mortgage Market Index Bounces Up

Mortgage Market Index 173 in week ended Feb. 26

DALLAS -- (Feb. 29, 2016) Another week-over-week improvement in home loan rates helped lift new mortgage activity from a holiday week slowdown. But even with the decline in fixed rates, adjustable-rate activity accelerated.

In the week that ended on Feb. 26, the U.S. Mortgage Market Index from OpenClose and Mortgage Daily came in at 173. The index is a measure of average per-user rate locks by OpenClose clients.

Compared to the prior week's report, new mortgage business was 11 percent higher. But activity has softened from the same week last year, with a year-over-year decline of 14 percent recorded.

The statistics from the week ended Feb. 27, 2015, were revised so that the year-earlier comparison reflects numbers from the same data provider.

Out front of the increase from the week ended Feb. 19, 2016, were rate locks for adjustable-rate mortgages, which soared 42 percent. ARM share climbed to 10 percent from 8 percent.

Next up were rate locks for conventional mortgages, ascending 12 percent from the last report.

After that was the Purchase MMI, which rose 12 percent to 70.

A 10 percent week-over-week gain left the Jumbo MMI at 8. Rates on jumbo mortgages were seven basis points less than on conforming loans, the same spread as in the last report.

Rate locks for mortgages insured by the Federal Housing Administration were up 7 percent from seven days earlier. FHA share slipped to 23 percent from 24 percent.

The smallest gain from the last report was with refinances, with the Refinance MMI up just 6 percent. Refinances accounted for 87 percent of all activity in the latest report, not as much as the 91 percent share as of a week previous.

Fixed rates on conforming 30-year mortgages averaged 3.62 percent, down three BPS from the previous week. The last time rates have increased was in the week ended Dec. 25, 2015, when the 30 year averaged 4.01 percent.

full Feb. 26 report

historical data

 

Mortgage Market Index 173 in week ended Feb. 26
Historical data for the U.S. Mortgage Market Index is available at:
http://www.MortgageDaily.com/MortgageMarketIndex.asp

About Mortgage Daily
Founded in 1998 by 20-year mortgage industry veteran Sam Garcia, MortgageDaily.com is a leading online source of mortgage news and mortgage statistics for the mortgage industry. In addition to the weekly Mortgage Market Index, Mortgage Daily also publishes the quarterly Mortgage Employment Index, Mortgage Litigation Index and Mortgage Fraud Index. The Dallas-based publication additionally provides a quarterly ranking of the biggest mortgage originators and mortgage servicers. Visit Mortgage Daily at www.MortgageDaily.com.

CONTACT:
214.521.1300
NewsAlert@MortgageDaily.com


About OpenClose
Founded in 1999 and headquartered in Palm Beach, Florida, OpenClose® is a leading end-to-end loan origination system (LOS) provider that delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of browser-based lending automation solutions for lenders, banks and credit unions of all sizes. OpenClose's LOS is completely engineered by the same company, thus avoiding assembling best-of-breed applications or acquiring technologies in an effort to create an end-to-end platform.  The company focuses on providing lending organizations with full control of their data and creating a truly seamless workflow for comprehensive automation and compliance adherence. For more information, visit www.openclose.com or call 561.655.6418.


Source: MortgageDaily.com


Refinance News | Refinance Share Statistics
News about refinancing programs, pricing and production. Stories about the H o m e
Affordable Refinance Program, H A R P 2.0 and other Making Home Affordable coverage.


Mortgage Rate News | Mortgage Market Index | ARM indices | ARM Statistics
Average fixed and ARM rates. Rate forecasts. Quotes on ARM indexes including COFI, MTA, LIBOR & Treasuries. Rate reset studies and reports. Mortgage rate litigation.


Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.


FHA News | Government Resources | M o r t g a g e e Letters | FHA Statistics
FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.



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Mortgage Market Index powered by
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About the Mortgage Market Index
The U.S. Mortgage Market Index was first launched in December 2009 at 197.

The index, itself, reflects the average number of per-user rate locks by clients of OpenClose for the seven days ended each Thursday at midnight. OpenClose has been the data provider since June 2015.

The MMI is an excellent indicator of upcoming mortgage originations.

A byproduct of the Mortgage Market Index is a full report each week that includes the latest share by loan type, the jumbo-conforming spread and details about refinance and government activity -- as well as other important mortgage data.



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